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2006 (12) TMI 82 - SC - Income Tax

Borrowed amount advanced by assessee to his sister concern as interest free loan – held that interest on such loan will be allowable as deduction u/s 36(1)(iii), only if such loan has been advanced for purpose of business as a measure of commercial expediency.

Note:- In-Depth Analysis of Key Issues in the ITAT Chennai Judgement

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